Organizing your finances can pay off in many ways - Ahwatukee Foothills News: Money

default avatar
Welcome to the site! Login or Signup below.
|
||
Logout|My Dashboard

Organizing your finances can pay off in many ways

Print
Font Size:
Default font size
Larger font size

Related Stories

Posted: Wednesday, September 28, 2011 10:06 am

A few years ago, the National Association of Professional Organizers designated the first week of October as Get Organized Week. And while you may have misplaced your notification of this event, it's nonetheless a good time to see just how organized you are in the important areas of your life - such as your finances.

You can organize your finances in two basic ways: Keeping track of where your various accounts are located and consolidating your assets.

To begin with, you might think it's no big deal to keep track of your financial accounts. After all, no one lets these accounts just slip away, do they? Actually, you might be surprised: At least $32 billion, and possibly much more, of "lost" property (savings, investments, retirement accounts, etc.) are in the custody of state treasurers and other agencies, according to the National Association of Unclaimed Property Administrators.

How do people misplace these funds? They might move from a town and forget to close a bank account. Or they might leave a job and not realize they've left behind money in a 401(k). However they do it, it happens - but you don't want it to happen to you.

Fortunately, it's not hard to keep tabs on your various accounts - you just need to make a list. Where do you keep your checking and savings accounts? Where are your investments held? Do you have a retirement plan, such as a 401(k) with your current employer? How about any retirement plans with former employers? If you have Individual Retirement Accounts (IRAs), do you keep them with multiple providers? By answering these questions, you can develop a comprehensive list of what you own and where it's located. Of course, it's a good idea to update this list periodically - at least once a year - to reflect any changes in your ownership.

Knowing what you have will be helpful to you in evaluating your financial situation today. But if you want to help yourself make progress toward your goals for tomorrow, you'll also want to consider another organizational technique: Consolidating your assets.

Specifically, if you have some stocks here, a couple of certificates of deposits (CDs) there and some IRAs at still another place, you might consider consolidating them with one financial services provider. With all your investments in one place, you can possibly reduce the fees and paperwork associated with maintaining your accounts. And when you eventually start taking withdrawals from your IRA and 401(k), you may find it easier to calculate these required distributions if they're coming from just one provider, rather than multiple sources.

But most importantly, when you consolidate your investments with one provider, you'll find it easier to follow a single, unified investment strategy. A qualified financial advisor can look at all your assets and determine if you've got redundancies in your holdings and if you need to increase your diversification (keep in mind, though, that diversification, by itself, can't guarantee a profit or protect against loss).

Furthermore, once a financial advisor knows your situation, he or she can recommend strategies that are appropriate for your objectives, risk tolerance and time horizon.

Get Organized Week lasts only seven days. But by using this time to begin organizing your finances, you could see benefits for years to come.

• This article was written by Edward Jones for Cyndi Newburn, an Edward Jones financial advisor in Ahwatukee Foothills. Reach her at (480) 460-1149.

More about

More about

More about

  • Discuss

Syria's civil war: 'Dozens killed' in Deir Az Zor raids

Fighting began in 2011 after government crackdown on protesters Over 250,000 Syrians killed and even larger number wounded so far Almost 11 mi…

Published: June 26, 2016 - 7:35 am @ http://www.aljazeera.com/news/2016/06/syria-civil-…

New York's Latest Anti-Airbnb Effort Could Violate First Amendment

An effort backed by unions and the hotel industry might succeed in shutting down Airbnb in New York. Doing so might require the state governme…

Published: June 26, 2016 - 6:50 am @ http://reason.com/archives/2016/06/25/new-yorks-la…

How a college drug ring hid in plain sight

It was one of Charleston’s bigger drug busts: A network of present and former College of Charleston students and other 20-somethings accused o…

Published: June 26, 2016 - 5:53 am @ http://www.postandcourier.com/article/20160624/PC1…

Peoria Police Department

@PeoriaPoliceDepartmentArizonaPublicSee more of Peoria Police Department - Arizona by logging into FacebookMessage this Page, learn about upco…

Published: June 26, 2016 - 5:51 am @ https://www.facebook.com/PeoriaPoliceDepartmentAri…

Inside story on where NORML is headed as America gets legalized

ASPEN — When there’s a meeting of the marijuana minds in the heart of the Colorado Rockies, expect to be enlightened. The National Organizatio…

Published: June 26, 2016 - 5:51 am @ http://www.thecannabist.co/2016/06/23/norml-aspen-…

(1) Macroecology of land plant biodiversity: Niche evolution and ecological limits; (2) Tropical Ecology: Experimental Trait-based ecology of tropical forest ecosystems

The Enquist lab has positions for two new postdoctoral positions to start fall 2016 (1) Postdoctoral Position –  Macroecology of land plant bi…

Published: June 26, 2016 - 5:23 am @ https://brianjenquist.wordpress.com/2016/06/23/two…

Central Ore. LGBT Community Gathers in Grief, Pride

One Year Later: The Marriage Equality Supreme Court Decision NY’s LGBT Community Marches in Solidarity with Orlando

Published: June 26, 2016 - 5:21 am @ http://www.publicnewsservice.org/2016-06-24/lgbtqi…

Arizona Authorities Say 3 Missing Women Met Same Man Online

With her Arizona home sold and most of her belongings packed up, Nancy Rae Hartz was ready to spend her golden years on the road. Having been …

Published: June 26, 2016 - 5:21 am @ http://www.theblaze.com/stories/2016/06/25/arizona…

Phoenix police investigating after two adults shot

PHOENIX - Police are investigating after two adults were shot at an apartment complex Saturday night.

Published: June 26, 2016 - 5:04 am @ http://www.abc15.com/news/region-phoenix-metro/sou…

Air strikes kill civilians in Syria's Deir Az Zor

Syrian and Russian air strikes have killed at least 47 people, including 31 civilians, in an ISIL-held town in eastern Syria, a monitor has said.

Published: June 26, 2016 - 5:03 am @ http://www.aljazeera.com/news/2016/06/air-strikes-…

Facebook

ahwatukee.com on Facebook

Twitter

ahwatukee.com on Twitter

RSS

Subscribe to ahwatukee.com via RSS

RSS Feeds

Spacer4px

Most Popular

Online poll

Loading…